Re: I Heart Radio

U.S. Bankruptcy Court Approves Cumulus Plan. The company announces that the United States Bankruptcy Court for the Southern District of New York has confirmed its Plan of Reorganization. Cumulus Media says it expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the Plan are satisfied.

Re: I Heart Radio

Cumulus Gets ‘Go-Ahead’ from Bankruptcy Court. Filed yesterday in United States District Court in the Southern District of New York is the Confirmation of Cumulus Media’s First Amended Joint Chapter 11 Plan of Reorganization. The filing allows Cumulus to proceed with its plan to exit bankruptcy protection and eliminate about half of its $2 billion in debt.

Re: I Heart Radio

Cumulus Reports 2018 Q1 Net Revenue Flat. Net revenue for the first quarter of 2018 was $263.7 million, a slight dip of 0.1% from the same period in 2017. Cumulus Media is working through its Plan for Reorganization and expects to emerge from Chapter 11 by the end of this year’s second quarter. The first quarter financial report also notes that Cumulus narrowed its loss. The 2018 Q1 net loss was $5 million, compared to $7.3 million a year ago.

Re: I Heart Radio

Report: PE Firm Silver Lake Partners Interested in iHeartMedia. According to a report in the New York Post, private equity firm Silver Lake Partners is interested in buying iHeartMedia when it emerges from Chapter 11 reorganization. iHeartMedia is expected to exit Chapter 11 in October with a reduced debt load of $10 billion – down from the current $20 billion. The report says Silver Lake is in talks about the purchase with iHM’s creditors, who will own the company upon bankruptcy protection exit. The report adds that leading creditors believe iHeartMedia is worth between $12 billion and $15 billion.

Re: I Heart Radio

iHeartMedia Seeks Exclusivity Extension. The company is asking the U.S. Bankruptcy Court in Houston for more time in the exclusivity window – the period during which only it can submit reorganization plans – because it says it’s making progress after successfully negotiating with a “vast majority of creditors.”iHeartMedia’s current exclusivity window expires on November 24 but would like the court to give it until February 7 of next year. The company says it is seeking “a further extension to ensure that the Debtors can build upon the substantial progress made to date without distraction from other competing plans.” The company further states that although this Fifth Amended Plan has not been confirmed, it and its advisers are “diligently working toward the Confirmation Hearing on December 11, 2018 and are currently in the midst of the solicitation process.” This means it’s likely that iHeartMedia will not exit Chapter 11 until sometime in early 2019.